Corn futures are trading higher at midday. Concerns about the slow planting pace and strength in crude oil are supporting the market. Forecasts for the eastern half of the Corn Belt, where planting delays are the most significant, turned a little wetter this morning. Gains are being limited by weekly export sales coming in below trade expectations at 23.2 million bushels of old-crop. July is 7 1/4 cents higher at $4.14 3/4 and December is 7 cents higher at $4.33 3/4.



Soybean futures are higher at midsession. Strong gains were noted overnight, but profit-taking pushed futures lower before the market rebounded again at midday. Old-crop fundamentals remain bullish as stocks are tight and export demand is strong. Old-crop sales of 24 million bushels were within trade expectations, but well above the norm for this time of the year. July is 5 3/4 cents higher at $11.23 3/4 and November is 8 cents higher at $9.86.



Wheat futures are higher at midday. Reports that wheat abandonment may be quite high in Oklahoma due to freeze damage and trade reports that production may be down over 50% from last year are supporting futures. In addition, spring wheat planting delay concerns continue. Spillover strength from corn and crude oil are also adding to the strength. CBOT July is 11 cents higher at $5.69 3/4, KCBT July is 6 3/4 cents higher at $6.13 3/4 and MGE July is 7 3/4 cents higher at $6.86.



Cattle futures are trading lower at midsession. Early gains were short-lived as spillover weakness from lean hogs and the drop in the stock market pressured prices. Boxed beef prices continue to decline and expectations are for cash trade to fall from the $86 reported last week. June is 43 cents lower at $81.45 and August is 30 cents lower at $82.05.



Lean hog futures are lower at midday. Profit-taking on recent gains and concerns that backed up hogs will limit gains in the cash market are pressuring futures. Slaughter has been slow this week, with estimates it will be down 3.2% from last week and 3% below year-ago. Losses are being limited by ideas that the H1N1 flu concerns are easing and the recent jump in pork prices. Pork cutout values were up 93 cents on Wednesday. June is 60 cents lower at $66.50 and July is $1.15 lower at $68.95.